Early estimates put Irene damage at $7 billion, according to the New York Times, with insurance companies being hit with an estimated $2.6 billion in costs.

The A.M. Best Co. has estimated disaster-related losses from 2011 at $27 billion through June 30 (so figure much higher when you include damage incurred since), making this year one of the costliest in recent history.

> Consumer spending in the U.S. increased by 0.8% in July (after falling by 0.1 percent in June), marking a major turn-around and a positive sign for the economy. Economists had expected gains of 0.5%.

> Personal income data, housing index and manufacturing index due out this week – stay tuned.

> In the coming weeks, the Business Journal will be closely following Gov. Cuomo’s Regional Economic Development councils and the newly-launched “NY Open for Business” campaign; check back here for more analysis as those stories develop.